美的集团（000333）：经营延续较好态势，注重长期股东回报

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved an operating revenue of 407.15 billion yuan in 2024, representing a year-on-year growth of 9.44%. The net profit attributable to the parent company was 38.54 billion yuan, up 14.29% year-on-year, and the net profit after deducting non-recurring gains and losses was 35.74 billion yuan, an increase of 8.39% year-on-year. In Q4 2024, the company reported an operating revenue of 88.18 billion yuan, a year-on-year increase of 8.96%, with a net profit attributable to the parent company of 6.84 billion yuan, up 13.92% year-on-year, while the net profit after deducting non-recurring gains and losses decreased by 12.55% year-on-year [5][11][12]. Summary by Sections Business Performance - The company’s revenue growth was driven by both C-end and B-end business segments, with the smart home business growing by 9.41% and commercial and industrial solutions by 6.87%. Notably, the new energy and industrial technology segment saw a growth of 20.58% [11][12]. - The company’s gross margin improved significantly, with an adjusted gross margin increase of 0.72 percentage points to 26.42% for the year. However, the net profit after deducting non-recurring gains and losses in Q4 2024 declined by 12.55%, primarily due to foreign exchange impacts [12][13]. Financial Metrics - The company plans to distribute a cash dividend of 35 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 69.31%, which is an increase of 7.68 percentage points from 2023. Additionally, the company intends to repurchase 5 to 10 billion yuan worth of A-shares, with 70% of the repurchased shares expected to be canceled [14]. - The projected net profits for 2025, 2026, and 2027 are 43.94 billion yuan, 48.82 billion yuan, and 54.93 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.8, 11.5, and 10.2 times [11][14].